U.S. Lawmakers to Revive China Tariff Bill
12 May 09 | FT
A group of Republican and Democratic lawmakers will on Wednesday revive a bill that threatens to raise tariffs on Chinese goods to punish the country for what they call “currency manipulation”.
Highlighting the protectionist sentiment within Congress, the bill would let companies apply for tariffs on imports from countries deemed to be deliberately undervaluing their currencies to be more competitive. China is its main target.
“By illegally subsidising its exports through the undervaluation of its currency by 30 per cent or more, China distorts the gains from trade, creates barriers to free and fair trade, harms U.S. industries and has destroyed millions of U.S. jobs,” those sponsoring the bill said in a statement.
Their move comes as countries across the world consider protectionist trade rules in the face of recession. >>>